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◆ Why emerging market issuers are doing less in dollars ◆ Republic of Congo located between rock and hard place ◆ The GlobalCapital Podcast was brought to you by the numbers 17, 100 and the whole Alphabet
The yield was ultra high but Congo had little room to manoeuvre
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
Observers have questioned why the country is issuing debt at this price
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Nigeria priced sub-Saharan Africa’s first diaspora bond comfortably inside initial indications on Tuesday after two days of bookbuilding. However, the bonds, which were printed at 5.625%, had widened to nearly 6% by midday Tuesday and have stayed around that level.
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Etisalat has been given until Friday to transfer all its shares in Etisalat Nigeria to a syndicate of 13 Nigerian banks, after talks on restructuring a $1.2bn loan from 2013 fell through.
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It is tale of the haves and have nots in EM this week as Argentina’s surprise 100 year bond received a $10bn book but Nigeria’s diaspora bond underwhelmed and prompted a widening of the sub-Saharan African sector.
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Emerging market governments must lead the way in green bonds to encourage corporates to enter the market around the world, according to Rahul Ghosh, a senior credit officer at Moody’s.
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Etisalat Nigeria is in the “advanced stage” of its negotiations with 13 local banks over the restructuring of a $1.2bn loan taken out in 2013, according to the company.
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Nigeria is offering around a 30bp premium at price talk for its first diaspora bond as deal watchers asked whether it will really be able to attract $300m of retail investment.